Lords of Finance

Lords of Finance

The Bankers Who Broke the World

Downloadable Audiobook - 2009
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With penetrating insights for today, this vital history of the world economic collapse of the late 1920s offers unforgettable portraits of four men--Montagu Norman, Amile Moreau, Hjalmar Schacht, and Benjamin Strong--whose personal and professional actions as heads of their respective central banks changed the course of the twentieth century.
Publisher: [Old Saybrook, Conn.] : Tantor Media, 2009
Additional Contributors: Hoye, Stephen


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Nov 23, 2013

"In this historical study, Ahamed, a professional money manager, sums up the causes of the Great Depression as a series of economic policy blunders that could have been avoided." No, Andrew Mellon, US Treasury secretary for three consecutive administrations, set in motion certain policies which would benefit the uber rich, to the detriment of working people and the poor in America. Add to this the securitization ( in this case transforming debt into stocks, instead of securities as they do in today's meltdown), coupled with tax cuts in the form of Prohibition (no longer able to tax alcoholic beveriges, which severely hampered revenues) and you have economic chaos. Yes, the author is correct on some of the complements on Keynes, but his reframing of financial history is unacceptable. The Federal Reserve (created by the legislation of 1913) acted back then, as it does today, only on behalf of the banksters. Mellon's oil companies reaped great profits from the oil depletion allowance (also instituted in 1913), for many years earning more from that than profits from their operations.


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